Rare Cold Snap Rattles The Heart Of U.S. Shale

The cold spell attacking Texas this week may be boosting oil prices, but it’s also causing oil refineries to shutter and pipeline operators to restrict their flow. On Monday, President Joe Biden declared an emergency over the brutal weather that hit the Lone Star State, which ultimately resulted in rolling blackouts. Anonymous Bloomberg sources suggest that the losses to U.S. production by day is more than a million barrels. Crude oil production in the Permian Basin alone was estimated at 4.333 million barrels per day, according to the EIA’s…